Gold Loan

[My Dreams]

Friends, from some months I have tried to clear my Gold Loan but, till now, not able to do so.

You can pray God bless me so that, soon i will be able to clear my Gold Loan, and stop worrying about paying interests, and Gold loan amount everymonth.
Let our Gold be soon at our home. Thanks!

 

[Jostler]

The global financial/monetary system is at a point where gold prices could begin an epic rise in value at any time. I'm praying He will somehow do as you have asked and get you free of debt, and that God given wealth back into your hands

 

[Taken]

No clue what a "gold loan" is.

Debt is a heavy burden.
Whomever you are indebted to, is the one for you to negotiate with, concerning the debt and interest accruing.

In the US, many people have borrowed, what they can Not repay as they agreed.
Laws are in place for the person to negotiate with their LENDER, a WAY for them to Reduce their Debt.

The negotiation, should be What you "Can" repay, rather than what you "hope" you are able to repay.
In other words, be realistic, about what you are willing to go without, to pay off your debt.

May God put someone in your path to advise you for a good outcome.

 

[JohnDB]

A gold loan is a secured loan based on the gold you have used as collateral for the loan. It's a type of revolving debt (credit card) but secured so the interest rate is lower.

Problem is that 7-12% interest is the norm with these types of loans.

These used to be considered predatory lenders before deregulation. Because not many people actually clear their debts and the lenders are usually more interested in keeping the gold. (Especially when metals increase in value)
The lenders keep the gold and then still charge exhorbitant fees for not paying the loan. A person would have been better off selling the gold outright than borrowing against it usually. The credit bureau damage and the fees are usually more expensive than even the unusually high interest rates for a secured loan.
Its worse than one of those "payday loan" places that fill the poorer neighborhoods.

 

[Nancy]

Friends, from some months I have tried to clear my Gold Loan but, till now, not able to do so.

You can pray God bless me so that, soon i will be able to clear my Gold Loan, and stop worrying about paying interests, and Gold loan amount everymonth.
Let our Gold be soon at our home. Thanks!

They sure do take their time! Yes Mel, praying.